Dutch Auctions in Australia?

When you thought the only way to auction your property was via private treaty (private sale), expressions of interest (set sale or tender) or auction. Wrong! Here's a couple more methods of selling I have seen being utilised on my travels across Australia recently.

In Victoria and W.A, I have seen the Helmsman Auction process being used. An auction process more familiar on cattleyards selling livestock, is a variant of a simultaneous auction, as it allows bidders to bid for individual units, multiple units, or all of the lots 'in-one-line'. The process has advantages over a conventional auction with potential buyers offered flexibility in their purchasing decisions. Bidders can see the prices of each apartment as they are updated and change their buying strategy as time expires.

The Dutch Auctioning System, which I have seen being used in Northern Territory and Queensland, which was first implemented in European flower markets and Asian fish markets, work in reverse. The first one to bid on a particular property gets it! The price starts at the top, and as more time goes by and no-one bids, the bids are incrementally lowered, and the first person to bid gets the property. It's a case of instilling the fear of loss into the buyer. The longer the buyer waits, the greater the chance of missing out!

So when considering selling your home, get the right independent advice from your expert team of solicitors, accountant, conveyancers and vendor's advocate.